The Economic Development Action Account is a fund created to encourage growth of our economic base, to create jobs, and to put people back to work in the city of Albuquerque.
The Economic Development Action Account (EDAct) is a fund created to support economic development of our economic base, to create jobs, and to put people back to work in the city of Albuquerque. It is funded through clawbacks collected by the City. Clawbacks are penalties a company must pay to the City if the company shuts down, if the company previously received financial incentives from the City.
The EDAct Account targets four key areas:
• An expanded marketing program promoting the Albuquerque area to outside markets, company executives and site selection consultants
• A closing fund to assist significant economic development projects through the Local Economic Development Act
• The Mayor wants to expand the community’s programs for the retention and expansion of existing economic base companies, and the growth and development of technology-based entrepreneurs
• Support for workforce development programs to build the education, skills, and experience needed by current and future employees so we can get our citizens back to work
EDAct Council: That EDAct Council reviews and recommends to the Economic Development Department the use and disbursement of funds appropriated to the EDAct Account.
The EDAct Council consists of the Mayor or designee; two City Councilors chosen by the President of the Albuquerque City Council; and two members of the public, appointed by the Mayor, who have expertise in economic development programs. A representative from the City’s Economic Development Department shall serve as a non-voting technical advisor to the EDAct Council.
The EDAct Council shall remain in existence until all funds have been expended.
The City’s Economic Development Department, with consultation from the EDAct Council, approves expenditures for the EDAct Account. The Economic Development Department acts as staff to the EDAct Council and is responsible for administering any contracts or programs arising out of the EDAct Council’s recommendations, except where otherwise specified.